It was easy enough

As of now, QQQ remains solidly above the 200-day EMA following yesterday’s tag & reversal off that key level and is currently trading just above the uptrend line off the Dec 24th lows as well as the 182 support level (near-term bullish as long as it trades above those key supports).

I should also add that the bottom of that QQQ gap was & still is my minimum bounce target & at the bottom of the bounce target zone in which I expect the bounce to end and the next leg down to start (anywhere from the bottom up to the top of that bounce target zone). As such, should QQQ fail to enter the gap with conviction, then it is still very possible that the oversold bounce/snap-back rally ended there at the gap backtest although I’m leaning towards the scenario above (another leg higher today that takes out the 10:04 am highs).

i know my bro did, even after i told him to wait…he was chasing the bull…face palm

As such, it think it is safe to assume that a fair amount of retail traders shorted on that rally up to the bottom of the QQQ gap that we just had and as Mr. Market doesn’t do easy, it must now punish those that shorted by making another run up above today highs to run the cluster of stops that were set just above by those that shorted the gap. When a cluster of stops are hit (or those that shorted without stops, go underwater & then cover to stop the pain), buying (short-covering) begets more buying in a vicious circle. Plus, most gaps, once entered, are then backfilled. Of course, SPY has yet to backtest the bottom of yesterday’s gap so a reaction from on or just above that level (if it gets there) would be likely as well although the short-covering on QQQ might overwhelm any SPY sellers at that point.